I have given 2 months notice to my existing landlord and must leave my rented apartment in Neath by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in a couple of weeks as don't want to have to move into temporary accommodation?
Generally one should not give notice for your lease unless you have exchanged. Assuming that you have not already done so, update to your conveyancer and urge them to they chase the sellers solicitors, try to get a realistic time scale from them that all parties will work towards
We see that you have a post code search directory identifying firms on the Virgin Money conveyancing panel. Do companies pay you a commission if I retain them for our own conveyancing in Neath?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Neath.
My bid for a property was accepted at auction in Neath. Conveyancing is needed. What is next?
Given that you are now exchanged you must appoint a conveyancing lawyer quickly as you are faced with a tight a drop dead date to complete the property. Every auction property will have a bespoke legal set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the auction papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You must hand this to the conveyancer working for you at the earliest opportunity. Do make sure that that you have the requisite funding in place to complete on the date specified in the contract.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Neath solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Neath surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Clydesdale have agreed my home loan in principle, my bid on a flat in Neath has been accepted, what happens next?
The property agent will wish to be informed of your property lawyer's details (ensure that the lawyers are on the lender’s approved list). Contact Clydesdale or the broker and finish off any relevant paperwork. Clydesdale will sellect a valuer who will get in contact with the selling agent or seller to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Clydesdale will send the offer to you and your lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Neath.
Should my solicitor be raising questions regarding flooding as part of the conveyancing in Neath.
Flooding is a growing risk for lawyers dealing with homes in Neath. Plenty of people will purchase a house in Neath, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a various checks that may be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Neath. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to discover if the property has historically flooded. In the event that the residence has been flooded in past and is not disclosed by the seller, then a purchaser could commence a claim for damages as a result of such an misleading answer. A purchaser’s conveyancers should also carry out an enviro report. This should higlight whether there is any known flood risk. If so, more detailed investigations will need to be carried out.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Neath I like with open areas and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Neath suitable, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan that many years will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.